Sign Montana Banking Forbearance Agreement Free

Industry sign banking montana forbearance agreement free

this is digital perspectives with brad kymes subscribe for new content notifications now here's brad kimes come on in welcome back to digital perspectives everybody i'm brad comes thanks for coming back you can follow me on twitter at backup bradley and everything we're talking about here it's at the top of the screen okay so first thing i want to talk about is i've gotten a lot of questions and comments about the recent uh green list that came out from the new york uh department of financial services talking about uh the fact that they can custody but not list some of these 10 assets here and xrp being one of them uh we can't know the full answer right out of the gate but it is my opinion at this point until i see anything else that this is a move that allows banks and institutions to continue to bring their money into this space and get a position into this space before it's opened up to retail retail is the last part of this equation even though we've been here for so long moving into this new framework of now understanding that let's look at it like this let's look at it like this in this space up until now people like bitcoin maxis and things have always pointed to xrp holders and been like oh you hold a banker's coin well banks have now been allowed to custody digital assets so guess what bitcoin's a banker coin too so is bitcoin cash so is ethereum and so on and so on that's how big this is that's how enormous this is so when i see the the fact that the dfs has said okay you can custody but you can't list yet it tells me that this is again a a moment of time that is allowing institutions and banks to get in place get everything happening before it begins to open up to retail fully in that regard that's just my two cents on the matter and i hope that uh we get it we will get a chance to revisit this but i hope in some way maybe that's going to help us push the conversation forward a little bit what i do want to get into today though is a really really important topic and a notion that i think becomes more solid every single day and it is xrp is a currency now i know we've talked about it before but i want to lay some things out for you today that really i feel start to reveal a real true sense of monetary policy for the asset xrp and with that being said um you know just keep an open open mind about it you know it certainly could be deemed a hybrid token you know i could be wrong you know i'm just evaluating xrp as a potential currency designation at some point it like i said it may be a commodity it may be something else but let's just run through some of this information and see how it shakes out to you i'll be interested to see your comments after the video so okay the first thing i want to point to is that crypto dad crypto dad chris john carlo came out wrote a very very detailed opinion that xrp was not only not a security but a currency and it's important to note that yes chris john carlo also heads the digital dollar project chris john carlo former chairman of the cftc a person held in high regard amazing professional level of respect in the communities that he's been in and also a lawyer that is on wilkie barr which is a legal counsel to ripple full disclosure on that but he does feel that xrp is a currency so let's also look at this then we had the announcement uh from brian brooks shout out to brian brooks from the occ the office of comptroller of currency of currency the office of comptroller of currency not the office of comptroller of commodities but the office of comptroller of currency came out and clarified for national banks that they can custody digital assets well this is enormous because for one it points to a regulatory body that gave the decision for clarity of digital assets from the treasury department that's that's huge to me right so they didn't get the clarity from the cftc they got the clarity from the occ okay so that's another big key thing that's pointing to that for me another big uh element of this as well is is again pointing to the occ allowing to hold these crypto assets then we look at the public opinion from dr douglas jackson given to the occ in contrast xrp the native currency of ripple is effectively a fiat currency at its inception ripple labs created 100 billion units of xrp 20 billion of which were retained by the creators who were also the founders of ripple labs the creators gave the remaining 80 percent of the total to ripple labs with the xrp intended to fund operations like money to fund the operations monetary the monetary policy of ripple labs the monetary policy of ripple labs has been stated as we will engage in distribution strategies that we expect will result in a stable or strengthening xrp exchange rate against other currencies now that is powerful we will engage in distribution strategies which means what we have been seeing the accelerator program 300 million xrp right doled out to the right hands in the right industries of the world and companies and banks and institutions financial payment providers remittance service providers you name it contractually agreeing i believe that once this thing has the clarity it needs they will all begin using it because they understand it to be at least some form of currency working very diligently to be able to provide a stable or strengthening xrp exchange rate against other currencies in other words only the forbearance of people sitting on this vast pool of play money prevents release that would kill the golden goose unlike government issued fiat money no entity has the ability or responsibility to buy in xrp in sufficient quantity to quell or full-on panic situation this is bet the best that can be done is to slow or halt further release of additional money which if you look at the escrow and the way the escrow is set up right cryptographically auto locked escrow time release releases a certain amount on a schedule and when it releases that mount someone's making a decision to decide how much of that goes back into the kitty and another escrow a new escrow on the end of the on the end of the term and how much gets doled out well that has to be determined by some sense in my mind really starts to take shape of monetary policy you could look at that because there is a finite amount there will be no printing anymore of xrp because it's a deflationary asset there's only 100 billion so to me the escrow becomes almost like the printable side of of monetary policy the release is there and then they make a determination on how much should be available and then the rest goes again into a term on the back of the loan or the back of the term arrangement excuse me the escrow now again it's important to understand too once it goes into a new escrow contract on the end of that i believe they have more flexibility with those escrows as well i could be wrong but i do believe to that at this point okay now the best they can do is either slow or halt further release of additional money again not only the escrow but then we take a look at what they said here in q2 of 2020 right what did they say a healthy orderly xrp market is required to minimize cost and risk to customers and ripple plays a responsible role in the liquidity process as more financial institutions leverage ripple nets odl services more liquidity is added into the market that said ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices well i got news for you the secondary market is the market you and i play in and i got some more news for you this sounds like monetary policy again to me on a deflationary asset if in fact the escrow is not really is is truly in a decentralized escrow right because escrow by definition means a third party holds it so if this third party happens to be a decentralized cryptographically auto locked account then repo ripple doesn't control the account however it is released and it's released to someone and i think to someone is ripple and i think ripple makes good you know fiduciary decisions about how that escrow goes out and how much goes back someone at ripple or someone's are making that determination to understand what is the best decision to make for this asset to keep it in a position where it can be strengthening or reliable in an exchange rate against other currencies when i see ripple coming out here into the secondary markets that we play in and beginning to announce that they will go out into these markets and buy it back at me at market prices this to me tells me also that ripple sees themselves just like any other business like a money gram that is decided that they're going to use xrp for their business and that they in fact do not control the entire asset as a whole and they feel that it has been disseminated properly throughout the world through the right hands and right players and upon to make the decision globally of the world deciding it's either some kind of currency or a global stable coin or something that allows them to see it as currency i believe that's when we will begin to see the participation throughout all the different industries of the world to begin to settle and use with xrp leaving nothing but the infrastructure that's left for monetary policy which means that a certain element of escrow should be held back at least for a long term because if a certain percentage is held back then you could choose to continue to release that over time if you need to or not again ripple acting as you know uh a beneficiary or a fiduciary in the market and benefiting from buying back off of the secondary market really helps to control what's available out here i find that very interesting so when i look at all of these things what i really see is monetary policy really taking shape and when i look at the the way that i feel that way by some of the things that i've pointed to here the other thing that really points to that to me is that the entities making decisions out here are tied directly to the treasury department which oversee money in the financial system just some food for thought right now guys that's what i wanted to touch on today i hope in some way we've been able to bring some clarity and continue a healthy conversation about where we're going one thing i do know it is extremely exciting we are going to see beginning this week we are going to see major mainstream networks begin to carry uh grayscale and others and wirex tv ads telling people about crypto investment funds and crypto in general it's going to get exciting for the rest of this year and i can't even imagine what all of next year will be like all right that's going to do it for me make sure you hit the like subscribe share with somebody you know i'll catch all of you on the next one